How Big is the Food Service Industry in India?
The latest report by IMARC Group, titled, “India Food Service Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2023-2028“, The India food service market is expected to exhibit a growth rate (CAGR) of 12.58% during 2023-2028.
What is Food Service Industry in India?
Food service refers to preparing, serving, and delivering food to customers. It can occur in various settings, including restaurants, cafes, fast-food chains, food trucks, catering services, and institutional food service settings like hospitals, schools, and correctional facilities. In the Indian food service industry, the quality of food and the level of customer service is crucial for success. Food service plays a significant role in the hospitality and culinary industries. The success of food service establishments depends on offering high-quality food and excellent customer service while adhering to safety and health standards.
Food service offers a range of benefits for businesses in the industry and consumers. One of the most significant benefits of food service is that it provides convenient access to food for consumers. This includes fast-food restaurants, delivery services, catering, and more. Food service establishments offer a wide range of food options to cater to different tastes, dietary preferences, and cultural backgrounds. The food service industry is a significant employer, providing job opportunities to a diverse range of people, including cooks, chefs, servers, bartenders, and delivery drivers. Food service businesses in India are continually innovating, offering new menu items and services to meet consumers' changing needs and preferences. Food service offers customers a greater level of comfort and convenience and an improved experience in food ordering.
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What is the Future of the Food Service Industry in India?
The market in India is primarily driven by the increasing demand for convenient and quick meal options. In line with this, consumers' changing preferences and hectic schedules are significantly contributing to market growth. Furthermore, the growing urbanization and inflating disposable incomes of consumers are positively influencing the market. Apart from this, the rising demand for diverse food options, including ethnic cuisine, is catalyzing the market. With the rising interest in health and wellness, many consumers seek healthier food options and are willing to pay a premium. This, in turn, is expected to catalyze the market. The Indian food service industry is continuously innovating and adopting new technologies to improve the customer experience, such as mobile ordering, online delivery, and contactless payment options.
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What is the Demand of Food Service Industry in India?
The escalating number of fast food chains and the increasing trend of vegan food consumption are favoring the market. Moreover, the rising presence of food service institutions across the country is creating a positive outlook for the market. Besides, the growing dual-income households and the escalating expenditure on dining out are supporting the market growth. The shifting inclination of the millennial population toward fast-food consumption trends is propelling the market. The significant growth in the tourism industry across the country is strengthening the market. Additionally, the increasing demand for customized and newer food options is providing a boost to market growth. Other factors driving the market growth include the emerging dining-out trend, considerable growth in the food industry, rising demand for functional food, escalating number of working women, and the growing preference for hassle-free, nutritious, and hygienic food.
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Key Market Segmentation:
Breakup by Sector:
- Commercial
- Non-commercial
Breakup by Systems:
- Conventional Foodservice System
- Centralized Foodservice System
- Ready Prepared Foodservice System
- Assembly-Serve Foodservice System
Breakup by Types of Restaurants:
- Fast Food
- Full-Service
- Limited-Service
- Special Food Services
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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